Where two or more parties sign a contract, binding themselves to do one thing of a series of things, the law presumes the obligation to be joint. If the language used shows, that the parties singly, or individually bind themselves to do the thing, or series of things in common, the contract is several, as well as joint. A owes B three hundred dollars ($300.00) upon a promissory note. C, D and E sign the following guaranty:
If A fails to pay the note when due, C individually promises to pay B one hundred dollars ($100.00), D individually promises to pay B one hundred dollars ($100.00), E individually promises to pay B one hundred dollars ($100.00).
As to each other C, D and E, are severally liable. As to B,—C, D and E respectively are jointly and severally liable, with A for one hundred dollars ($100.00) each.
31. Discharge of Contract by Performance and Tender. A contract is terminated, when the parties thereto perform its provisions. The liability of parties ceases by performance of the provisions of the contract. A promises to construct a house for B, according to certain specifications, within a year. B promises to pay A five thousand dollars ($5,000.00), upon completion of the house according to contract. A, within a year, constructs the house according to the plans and specifications. A's obligation is at an end. B's obligation still requires him to pay A five thousand dollars ($5,000.00), and he is liable to a suit for this amount until it is paid. When B pays A five thousand dollars ($5,000.00), his obligation and the contract are terminated, as to both parties.
Tender of payment is equivalent in law to payment. By tender is meant an offer to pay in recognized legal money. A has an option for the purchase of a house of B, for five thousand dollars ($5,000.00). B desires to have the option lapse, having obtained a better offer. If A offers B legal tender before the option expires, the contract is complete in law.
United States statutes stipulate what constitute legal tender. These statutes provide that the following shall constitute legal tender:
1. Gold coin.
2. Silver dollars.
3. Subsidary silver coin up to ten dollars.
4. Nickels and pennies not exceeding twenty-five cents.